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自由港麦克莫兰（FCX）与摩托罗拉解决方案（MSI）财务数据对比。点击上方公司名可切换其他公司
自由港麦克莫兰的季度营收约是摩托罗拉解决方案的1.6倍（$5.3B vs $3.4B），摩托罗拉解决方案净利率更高（19.2% vs 10.7%，领先8.5%），摩托罗拉解决方案同比增速更快（12.3% vs -10.4%），摩托罗拉解决方案自由现金流更多（$1.1B vs $-312.0M），过去两年摩托罗拉解决方案的营收复合增速更高（18.9% vs -7.9%）
自由港麦克莫兰是总部位于美国亚利桑那州凤凰城的矿业企业，是全球最大的钼生产商、主要铜生产商之一，运营着坐落于印度尼西亚巴布亚省的世界最大金矿格拉斯伯格矿。
摩托罗拉解决方案是美国科技企业，总部位于伊利诺伊州芝加哥，2011年由摩托罗拉公司拆分成立。公司面向公共安全部门及企业客户，提供关键通信、视频安防、指挥中心技术等安全防护类产品与服务。
FCX vs MSI — 直观对比
营收规模更大
FCX
是对方的1.6倍
$3.4B
营收增速更快
MSI
高出22.7%
-10.4%
净利率更高
MSI
高出8.5%
10.7%
自由现金流更多
MSI
多$1.5B
$-312.0M
两年增速更快
MSI
近两年复合增速
-7.9%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $5.3B | $3.4B |
| 净利润 | $565.0M | $649.0M |
| 毛利率 | 12.4% | 52.3% |
| 营业利润率 | 15.4% | 27.9% |
| 净利率 | 10.7% | 19.2% |
| 营收同比 | -10.4% | 12.3% |
| 净利润同比 | -21.6% | 6.2% |
| 每股收益（稀释后） | — | $3.85 |
绿色 = 该指标领先。财年不对齐时期间可能不同
8季度营收与利润趋势
并排季度历史对比，按日历期对齐，财年错位的公司也能正确匹配
营收FCXMSI
| Q4 25 | $5.3B | $3.4B | ||
| Q3 25 | $6.8B | $3.0B | ||
| Q2 25 | $7.5B | $2.8B | ||
| Q1 25 | $5.6B | $2.5B | ||
| Q4 24 | $5.9B | $3.0B | ||
| Q3 24 | $6.7B | $2.8B | ||
| Q2 24 | $6.4B | $2.6B | ||
| Q1 24 | $6.2B | $2.4B |
净利润FCXMSI
| Q4 25 | $565.0M | $649.0M | ||
| Q3 25 | $1.2B | $562.0M | ||
| Q2 25 | $1.5B | $513.0M | ||
| Q1 25 | $793.0M | $430.0M | ||
| Q4 24 | $721.0M | $611.0M | ||
| Q3 24 | $1.2B | $562.0M | ||
| Q2 24 | $1.3B | $443.0M | ||
| Q1 24 | $1.2B | $-39.0M |
毛利率FCXMSI
| Q4 25 | 12.4% | 52.3% | ||
| Q3 25 | 29.2% | 51.6% | ||
| Q2 25 | 34.2% | 51.1% | ||
| Q1 25 | 24.3% | 51.4% | ||
| Q4 24 | 27.0% | 51.4% | ||
| Q3 24 | 30.0% | 51.4% | ||
| Q2 24 | 31.5% | 51.0% | ||
| Q1 24 | 28.5% | 49.9% |
营业利润率FCXMSI
| Q4 25 | 15.4% | 27.9% | ||
| Q3 25 | 28.9% | 25.6% | ||
| Q2 25 | 32.3% | 25.0% | ||
| Q1 25 | 23.4% | 23.0% | ||
| Q4 24 | 21.1% | 27.0% | ||
| Q3 24 | 29.0% | 25.5% | ||
| Q2 24 | 32.0% | 24.5% | ||
| Q1 24 | 26.3% | 21.7% |
净利率FCXMSI
| Q4 25 | 10.7% | 19.2% | ||
| Q3 25 | 18.3% | 18.7% | ||
| Q2 25 | 20.6% | 18.6% | ||
| Q1 25 | 14.2% | 17.0% | ||
| Q4 24 | 12.3% | 20.3% | ||
| Q3 24 | 18.5% | 20.1% | ||
| Q2 24 | 20.0% | 16.9% | ||
| Q1 24 | 18.7% | -1.6% |
每股收益（稀释后）FCXMSI
| Q4 25 | — | $3.85 | ||
| Q3 25 | $0.46 | $3.33 | ||
| Q2 25 | $0.53 | $3.04 | ||
| Q1 25 | $0.24 | $2.53 | ||
| Q4 24 | — | $3.57 | ||
| Q3 24 | $0.36 | $3.29 | ||
| Q2 24 | $0.42 | $2.60 | ||
| Q1 24 | $0.32 | $-0.23 |
资产负债表与财务实力
最新季度各公司的流动性、杠杆与账面价值一览
| 指标 | | |
|---|---|---|
| 现金及短期投资手头流动性 | $3.8B | $1.2B |
| 总债务越低越好 | $9.4B | — |
| 股东权益账面价值 | $18.9B | $2.4B |
| 总资产 | $58.2B | $19.4B |
| 负债/权益比越低杠杆越低 | 0.50× | — |
8季度趋势，按日历期对齐
现金及短期投资FCXMSI
| Q4 25 | $3.8B | $1.2B | ||
| Q3 25 | $4.3B | $894.0M | ||
| Q2 25 | $4.5B | $3.2B | ||
| Q1 25 | $4.4B | $1.6B | ||
| Q4 24 | $3.9B | $2.1B | ||
| Q3 24 | $5.0B | $1.4B | ||
| Q2 24 | $5.3B | $1.4B | ||
| Q1 24 | $5.2B | $1.5B |
总债务FCXMSI
| Q4 25 | $9.4B | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | $9.4B | — | ||
| Q4 24 | $8.9B | — | ||
| Q3 24 | $9.7B | — | ||
| Q2 24 | $9.4B | — | ||
| Q1 24 | $9.4B | — |
股东权益FCXMSI
| Q4 25 | $18.9B | $2.4B | ||
| Q3 25 | $18.7B | $2.3B | ||
| Q2 25 | $18.2B | $2.0B | ||
| Q1 25 | $17.7B | $1.6B | ||
| Q4 24 | $17.6B | $1.7B | ||
| Q3 24 | $17.5B | $1.3B | ||
| Q2 24 | $17.4B | $802.0M | ||
| Q1 24 | $17.0B | $521.0M |
总资产FCXMSI
| Q4 25 | $58.2B | $19.4B | ||
| Q3 25 | $56.8B | $18.8B | ||
| Q2 25 | $56.5B | $16.4B | ||
| Q1 25 | $56.0B | $14.4B | ||
| Q4 24 | $54.8B | $14.6B | ||
| Q3 24 | $55.4B | $13.9B | ||
| Q2 24 | $54.6B | $13.3B | ||
| Q1 24 | $54.2B | $13.3B |
负债/权益比FCXMSI
| Q4 25 | 0.50× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | 0.53× | — | ||
| Q4 24 | 0.51× | — | ||
| Q3 24 | 0.55× | — | ||
| Q2 24 | 0.54× | — | ||
| Q1 24 | 0.56× | — |
现金流与资本效率
扣除再投资后实际产生的现金。现金流比净利润更难造假
| 指标 | | |
|---|---|---|
| 经营现金流最新季度 | $693.0M | $1.3B |
| 自由现金流经营现金流 - 资本支出 | $-312.0M | $1.1B |
| 自由现金流率自由现金流/营收 | -5.9% | 33.8% |
| 资本支出强度资本支出/营收 | 19.1% | 3.4% |
| 现金转化率经营现金流/净利润 | 1.23× | 1.94× |
| 过去12个月自由现金流最近4个季度 | $1.1B | $2.6B |
8季度趋势，按日历期对齐
经营现金流FCXMSI
| Q4 25 | $693.0M | $1.3B | ||
| Q3 25 | $1.7B | $798.0M | ||
| Q2 25 | $2.2B | $273.0M | ||
| Q1 25 | $1.1B | $510.0M | ||
| Q4 24 | $1.4B | $1.1B | ||
| Q3 24 | $1.9B | $759.0M | ||
| Q2 24 | $2.0B | $180.0M | ||
| Q1 24 | $1.9B | $382.0M |
自由现金流FCXMSI
| Q4 25 | $-312.0M | $1.1B | ||
| Q3 25 | $608.0M | $732.0M | ||
| Q2 25 | $934.0M | $225.0M | ||
| Q1 25 | $-114.0M | $473.0M | ||
| Q4 24 | $197.0M | $984.0M | ||
| Q3 24 | $673.0M | $702.0M | ||
| Q2 24 | $840.0M | $112.0M | ||
| Q1 24 | $642.0M | $336.0M |
自由现金流率FCXMSI
| Q4 25 | -5.9% | 33.8% | ||
| Q3 25 | 8.9% | 24.3% | ||
| Q2 25 | 12.4% | 8.1% | ||
| Q1 25 | -2.0% | 18.7% | ||
| Q4 24 | 3.4% | 32.7% | ||
| Q3 24 | 10.1% | 25.2% | ||
| Q2 24 | 13.1% | 4.3% | ||
| Q1 24 | 10.3% | 14.1% |
资本支出强度FCXMSI
| Q4 25 | 19.1% | 3.4% | ||
| Q3 25 | 15.5% | 2.2% | ||
| Q2 25 | 16.8% | 1.7% | ||
| Q1 25 | 21.0% | 1.5% | ||
| Q4 24 | 21.1% | 2.9% | ||
| Q3 24 | 17.9% | 2.0% | ||
| Q2 24 | 17.4% | 2.6% | ||
| Q1 24 | 20.2% | 1.9% |
现金转化率FCXMSI
| Q4 25 | 1.23× | 1.94× | ||
| Q3 25 | 1.33× | 1.42× | ||
| Q2 25 | 1.42× | 0.53× | ||
| Q1 25 | 1.33× | 1.19× | ||
| Q4 24 | 1.99× | 1.75× | ||
| Q3 24 | 1.51× | 1.35× | ||
| Q2 24 | 1.53× | 0.41× | ||
| Q1 24 | 1.63× | — |
财务流量对比
营收 → 毛利润 → 营业利润 → 净利润流向图
业务分部营收拆解
FCX
| Morenci | $2.5B | 47% |
| Grasberg Segment | $964.0M | 18% |
| Copper In Concentrates | $934.0M | 18% |
| Molybdenum | $541.0M | 10% |
| Gold | $388.0M | 7% |
MSI
| Product And Systems Integration Segment | $1.5B | 45% |
| Services And Software Segment | $833.0M | 25% |
| Sales Channel Through Intermediary | $772.0M | 23% |
| Command Center Software | $258.0M | 8% |
